In a conversation with three influential women founders—Fadwa Mohanna, CEO and Founder of One37 ID; Katy Yam, Partner at RealVentures; and Lise Birikundavyi, Managing Partner at BKR Capital—Konata Lake, Partner at Torys LLP, delved into the crucial topic of increasing diversity and representation in the startup world. While discussions around diversity have become more prominent, the persistent funding gap for women and Black founders, as highlighted by a 2021 Pitchbook report, underscores the need for intentional and sustained efforts.

As the Chair of the Emerging Companies and Venture Capital Practice at Torys LLP, Konata Lake emphasizes the importance of pushing these conversations forward. Recognizing that greater representation leads to increased inclusion and equity, Lake believes that fostering diverse perspectives in the startup ecosystem creates opportunities for those with unique experiences.

Fadwa Mohanna sheds light on the challenges women entrepreneurs face in the startup landscape. Despite increased discourse on women in tech and entrepreneurship, the data reveals a stark reality—starting, funding, and scaling a business remains a formidable task for women due to systemic imbalances. She stresses the need for clear policies and strategies to rectify these imbalances, celebrating leaders who champion diversity.

Katy Yam, a partner at an investment fund, advocates for building a groundswell of community support to encourage and sustain women in the startup world. Recognizing that significant changes may take years, Yam emphasizes the importance of planting seeds of entrepreneurship early, nurturing potential, and igniting the idea of becoming an entrepreneur or investor in individuals who may not have considered these paths.

Lise Birikundavyi, Managing Partner at BKR Capital, highlights the economic and societal impact of the lack of representation. Despite Black women being the fastest-growing group of entrepreneurs, their access to venture capital funding remains disproportionately low. Birikundavyi notes the tremendous loss to the North American economy linked to under-investment, emphasizing that the lack of representation not only affects finances but also stifles innovation.

Katy Yam delves into the steps organizations can take to increase representation, urging for a shift in hiring practices. She emphasizes the importance of challenging hiring managers to interview only once the applicant pool is at least 50% diverse, fostering creativity and adaptability in hiring processes.

In offering advice to women from underrepresented groups aspiring to launch startups, Lise Birikundavyi underscores the importance of creating a support system. She emphasizes the need to build something larger than oneself, acknowledging the societal impact and the pressure that comes with it. Fadwa Mohanna encourages resilience, urging entrepreneurs to view rejections as steps closer to success and to connect with fellow women entrepreneurs for mutual support.

When discussing the role of individuals in creating change, Katy Yam emphasizes that institutions are moved by the individuals within them. She calls for standing firm in beliefs about the importance of diversity, finding allies, and driving change from within. The conversation concludes with reflections on the challenges and opportunities for the industry's future. Lise Birikundavyi emphasizes the need for more inclusive systems that consider gender and race differences, particularly addressing biases against women raising families. Fadwa Mohanna stresses the importance of acknowledging systemic failures and implementing intentional plans to support increased diversity, cautioning against empty promises and "diversity-washing." The industry, she believes, needs a bold moment of reckoning and awakening to drive meaningful change.

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